El blog de Maria

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Legal tip 260. Insolvency and Bank Guarantees
Wednesday, April 21, 2010 @ 6:40 PM

My best legal tip of today, out of 103 emails being answered since 8:00 am:

Developer under insolvency proceedings:

a) You have a Bank Guarantee: go and execute it if completion/starting deadline has not been met by developer

b) You do not have a Bank Guarantee: Start action 1.2 of Law 57/68

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3 Comments

Keith - FINCA PARCS ACTION GROUP said:
Sunday, May 9, 2010 @ 8:51 PM

Dear Maria

I would say.....

If you have NOT received the legally required Bank Guarantee then start action under LEY 57/68 Article 1.2 against the Bank who accepted your off-plan deposit regardless of whether the developer is under insolvency proceedings or not as it is the Banks who are the Guardians of the Law and it is their duty to act with due dilligence and demand the issuing of the Bank Guarantee.............!! Pressure must be put on the Banks because many developers have proved over the past few years that they do not have any regard for the Law.

Kind regards

Keith

The Engineer said:
Sunday, May 9, 2010 @ 10:15 PM

I am about to visit an independant Spanish Solicitor and will ask him/her about this type of action.
? How much will it cost and what possible success.

The Engineer

Maria said:
Monday, May 10, 2010 @ 10:19 AM

Keith,
you are fully correct!

María

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Maria
Lawyer. Director of the Costaluz Lawyers team. Useful legal tips for an easy way in Spain. www.costaluzlawyers.es

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